Gaps in banking services for gig economy workers open the door for PNC to capture a significant share through its new service:
Indi has no monthly service fees or minimum balance requirements, and come with features including tax calculations, tax savings goals, and dynamic adjustments when users save ahead or fall behind. It also alerts users when quarterly taxes are due. PNC is currently testing the account with staff and has opened a waiting list.
But 53% of self-employed consumers have multiple banking relationships — suggesting gaps in bank offerings for this segment. PNC is the first bank in the US to develop an account tailored specifically around the needs of gig economy workers. Mastercard recentlyinterest-free pay advances to gig and hourly workers, which could similarly address some of this segment's needs.
There are several features that banks should offer in order to meet the needs of gig economy workers and capture share from fintechs, asby a recent Javelin study. The study found that 35% of gig economy workers currently use third party providers to manage cash flow, for example, which is a feature banks should offer among these others:
Mobile invoicing tools. Tide, Square, and Quickbooks offer these services, which enable gig workers to send manage invoices from one platform.
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